Korea Federation of SMEs "88.4% Satisfaction Among PL Group Insurance Subscribers"

Korea Federation of Small and Medium Business
Photo by Yonhap News

[Asia Economy Reporter Kwak Min-jae] The Korea Federation of SMEs announced on the 4th that a satisfaction survey conducted among 234 companies subscribed to the PL group insurance (Product Liability Insurance) showed that 88.4% of subscribers were satisfied.

The reasons subscribers are satisfied with the PL group insurance project include ▲affordable premiums (56.1%) ▲quick premium calculation (35.6%) ▲local government premium support (29.8%). Regarding local government support, 8 out of 10 respondents said it was ‘helpful’ (very helpful 50.4%, somewhat helpful 27.2%), indicating that local government support has a significant impact on SMEs subscribing to PL insurance.

The Korea Federation of SMEs’ PL group insurance is a product operated in partnership with six non-life insurance companies including Samsung Fire & Marine Insurance to compensate for bodily injury or property damage to third parties caused by defects in products manufactured, sold, or constructed by SMEs.

The Federation’s PL group insurance offers the same coverage conditions at premiums up to 28% cheaper than general non-life insurance companies through a group subscription method in the form of joint purchasing. It also collaborates with 14 local governments to refund 20-30% of the premiums paid, leading to an increase in SME subscriptions.

Park Yong-man, Head of the Mutual Aid Business Division at the Korea Federation of SMEs, said, “Currently, many SMEs are being pushed to their limits due to interest rate hikes and rising raw material prices,” adding, “We appreciate the efforts of many local governments to alleviate the PL insurance premium burden for SMEs in these difficult times and hope that the scope of support will be further expanded in the future.”

This content was produced with the assistance of AI translation services.